Reverse mortgages: waiting period.

Existing state and federal law regulate the activities of financial institutions. Existing state law regulates reverse mortgage loans and requires a lender to refer a prospective borrower to a housing counseling agency and prohibits a lender from accepting a final and complete application for a reverse mortgage loan or assessing any fees until the lapse of 7 days from the date of counseling, as specified. This bill would reduce the period that a lender must wait before accepting a final and complete application for a reverse mortgage, as described above, to 3 days from the date of housing counseling.